A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock.
B. long-run demand shock.
C. long-run supply shock.
D. short-run demand shock.
Answer: A
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The backward-bending supply curve of labor applies to _____
a. individuals b. groups c. the economy as a whole d. theoretical models
Refer to the above table. If opportunity costs are constant, the two countries will gain from trade at a rate of exchange of
A) 0.1 computer for 1 bicycle. B) 5 computers for 1 bicycle. C) 1 computer for 1 bicycle. D) 8 bicycles for 1 computer.
Explain how a recession differs from a depression
An example of a government policy to enhance technological progress is:
A. maintaining a well-functioning legal system. B. the provision of publicly-funded education. C. the construction of an interstate highway system. D. government support for basic research.